Newport Specialty Partners, a newly established specialty insurance platform backed by private equity firm Lovell Minnick Partners, has made a majority investment in New York-based Complex Coverage. (CCI).
The deal marks the inaugural platform acquisition for Newport, signalling the start of a broader strategy to build a diversified managing general agency (MGA) and specialty insurance distribution network.
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Financial specifics of the transaction were not disclosed.
Set up in 1997, CCI operates as an MGA specialising in homeowners and personal lines coverage throughout New York.
The partnership is designed to power CCI’s growth by expanding carrier capacity, diversifying product offerings and upgrading operational infrastructure.
Newport CEO Dennis DiCapua said: “CCI has established a strong position in an important market, and we are excited to partner with Michael and his team to support the company’s next phase of growth. We believe Newport can help broaden CCI’s capabilities while preserving the underwriting discipline and service orientation that have been central to its success.”
CCI’s current leadership team will remain in place.
CCI president Michael Eigen said: “Newport brings long-term capital, strategic support and deep insurance industry experience. Just as importantly, they share our commitment to underwriting discipline and service to our producers. This partnership positions us to expand our capabilities while preserving the culture and relationships that have defined CCI for nearly three decades.”
Lovell Minnick partner Trevor Rich added: “We are excited to back Newport Specialty Partners’ acquisition strategy in the MGA space. Newport’s differentiated team and value-add model make it a compelling home for high-quality programmes looking to accelerate growth.”
